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>> it was so shocking in so fascinating. i don't think since watergate was i ricocheted to get the paper every day to get the next episode of what had happened. such as the story unfolded, i remember thinking this is like a greek tragedy. it is amazing if only we had
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aeschylus' here to write about it. later on as they got more and more information and the victims, we started to say what happen from the people who had invested with the madoff, i thought shakespeare should have done this. now some time later, three years later, here we are. i came across laurie sendell book and i want to say that it is utterly fascinating. we thought we knew everything. but we did not. and just reading about the family and if spidey of the bernie madoff is absent from the book because you did not interview him, but as a
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reader i will say you realize this man was a bully and he believes his wife and friends. so they got to the point* where they were afraid to ask questions and he certainly did not answer their questions. there is so whole psychological element that laurie manages to get into this book that is never in the newspapers. i want to say that the madoff family was incredibly lucky to pick laurie sendell because of all the possible journalist who could have written this book, she is the best because she herself drop with a con man in her life. said no i present to use someone who knows what she
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is talking about, at laurie sendell. [applause] >> they do so much for the generous and wonderful introduction and they keep for having me today. i want to let you have this came to be then read a chapter from the but. in 2009 of book that i had written called the impostors daughter about my own father about his clients and deceptions came out. i was backstage signing books a woman approached me and said i cannot believe your story and introduced herself as the fiancee of banter madoff it was one year later and it was mind-blowing and i came to know the family over the course of two years like so
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many people of course, i thought andrew was most likely involve an him in his brother had known i was convinced ruth had to know and it was only out of curiosity that brought me into the story. i was a journalist and wanted to get to the truth of the story like every other journalists out there. they were ready to write a book i said down with them and i was absolutely astonished to find nothing i thought that i knew was true. i will read you from the chapter of the confession itself. >> 6:50 a.m. antar and mark were once again perched in the conference room behind the trading floor. they shot each other looks breaking though looks to offer a new theory. they knew something was
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terribly wrong. by 8:00 a.m. peter had not arrived and mark shook his head. let's wait at our desk. according to court filings ruth had taken out 50 million into separate withdrawals over the prior three weeks. she removed the money so they could cover redemption and. she did unquestioningly some immediate claimed is proof of her involvement but then a family moved millions of dollars around all the time apartments, a large transfers and multimillion donations had she question his directive he would have parked their her and that would have been the end of the conversation. not until by 20:00 a.m. that peter was spotted making his way across the trading floor. he signal to march and in a hurried into the conference room as he took his seat he felt the back of his neck no
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ha with anticipation. he stood at the door. talk to your father. it is bad. he wants to talk to himself. andrew stomach bought -- drop. his uncle 102 put a positive spin. they push their chair back and follow their local pass their colleagues secretaries come offices and a large conference room. it seemed to take forever. when they arrived at the office they found him sitting behind his desk greenback staring at a television set mounted on the ceiling. he did not greet them or acknowledge their rival. -- arrival they sat in silence. i don't know where to start he began. his voice got and tears started to well up. andrew fell to a river of alarm he glanced at mark. let's not do this at your desk the move to the table
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in the corner. the four gathered around a table where the wall offered some privacy and he started to talk and could not continue. dumbfounded he watched his father struggles for words. i can i do this year. and to look to his father feeling he had entered the world of this real" what could be so bad he could not even discuss it at the office? whedon may go to your apartment? are really going? no. you stay here in run the show. the coat closet was right outside as they settled into their gear he said to his secretary bring the car around. >> where the hell you going? the market is open. >> my dear of business immediate the silencing eleanor who steered her computer for growth there
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rode the elevator down in silence and they watched the rain streak across the door. there was no small talk. and to try to blend into his surroundings wishing he could be teleport did so he could get it over with and the anticipation was unbearable they rode in silence sandwich between his two sons in the backseat struggling to hold it together as though he already received bad do is trying to cope with their. and he stared at the window. they were dropped off on 64th street in front of the penthouse apartment. they went up to the 11th floor entrance and removed their shoes and made across the echoes on the staircase and ruth agreed to them at the door she has no idea why
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her husband had rushed home but she suspected the news was bad somehow connected to the may him on wall street. he called her from the office and said i have something to tell you. i am coming home with the boys. she had gone off the phone shaking waiting for them in the kitchen. together they enter the sitting room the room that antar had never liked with a dark leather chairs and a heavy desk. he sat by himself on a large leather sofa up. the fourth phase one and others sitting a considerable distance apart. i don't know where to start. he started to sob. i'm broke. the firm is insolvent. >> how was that possible? >> the money is gone. it is over. >> i understand. how can add the? what happened?
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is this about redemption? >> then he said something more terrible. >> it is a big lie. it is a giant ponzi scheme going on for years there has been all these redemptions and i cannot keep it going any more. i cannot do it. >> he steered his father of mind of it jumble of thought and phrases. he was trying to piece it together but he grabbed at this intense frustrated. ruth split of cigarette what is a ponzi scheme? am i the asset-management business was a fake. >> i have am i to all of you for years your mother, you, customers, myse lf. i have an appointment to meet with sorg and on money and i am probably going to jail. he really broken and solving them. he put his arm around his father in then he started to
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cry he returned to the ottoman then he said the there was all this money. where did go? >> the money is gone. i have 60 billion of liabilities. 50 million? >> 50 billion. >> he glanced at his brother who had not said a word and he recognized the look. mark's face was red and his jaw clenched. i still don't understand. how was this going to unfold? trying to process one demint. i have 100 million in cash lesson accounts i will redeem with that money with friends and family a large reduction is coming next week then it will unravel. >> what will these people do? what about suze west referring to his widowed mother and not? will they get their money back? >> i'm doing my best of all this to people. >> wait. how can you do that?
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they can keep that money. >> they will. that as they start to outline other situations where investors were made whole. andrew stopped him. how long has this been going on in? >> for years spent much is made of when it started but nobody knows produce started the firm in the '60s when computers are not a news and the records are thin. even modern requirements to require records that go beyond six years. he claims it began in 1992 but any question will behavior before that days before that was a gray area was four income-tax cost and there was evidence he executed trade into the 80s but it started when he said it did but only he knows about what about me and my family? what will happen to us? >> i have been doing the math looking through the
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records and the amount of money i have taken in in paid out is all washed. >> he stormed out of the room and yelled this is polls show it. >> i live with him. >> stumbling with his shoes i am leaving. let's go. he followed his brother into the elevator into the fall trickle what am i doing? the old man is still upstairs. he had already stepped off the curb and andrew slid onto the seat the cab driver turned around. where to? >> just try. driving down the avenue it was grateful. we need a lawyer. right now. and we need to walk in and say hello? >> we need a real lawyer a
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criminal defense. call marty. he will know what to do. marks father-in-law was a retired senior litigator and represented spiro agnew during watergate and kennedy he and his wife are staying at the hotel or their apartment is a renovated. take us to 49th in first avenue. stephanie, would be doing right now? get her out of their. make an excuse just get her out of their. mark and andrew grove the rest of the way in silence each in his own world of fear. ruth set in the kitchen smoking was cigarette after another and bernie madoff had returned to the office. he told her he had to more checks to deposit and is planning to go to the office
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in the morning to pay the traders. she nodded yes. after he left she sat there a completes on the and eventually she rose and made her way into the bedroom to dress for the office christmas party scheduled for that night. for the occasion she had a black blouse was silver detailing progress she fumbled with the small but tens she had this thought i will never read this again. she put it, the black skirt and all suede boots and she never liked her legs. the thought of not attending the christmas party did not attend her mind for of course, they were going. before he left he said we have to shop and act like everything is fine. yes. okay. it was newman and jrue and mark into this week to the tower although he had felt he had been through it one year.
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what happen? what the hell is going on? mark went into the room and andrew followed. my father just confess to a huge crime and said his whole business is a ponzi scheme the firm is insolvent and 50 billion missing. >> 50 million. >> 50 billion. he paused. i need to sit down. my whole retirement fund is with him. he recovered. that isn't important. tell me everything he said. >> he repeated everything he had said. do think he is saner telling you the truth? fam i guess. he was sent to rambling are having a psychotic break. >> he sank into a chair. this is incredible. we need the firm's senior litigator the only guy you want to talk to. he has a ton of experience. he called the firm in get me
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kemper after waiting on hold he heard him answer and lines into the abbreviated description. i have his son ahmad in brother-in-law here i need to see right now. it is urgent. how quickly can you get here? he pressed for details i am in connecticut litigating. give me more information. >> his father just confessed to a huge crime we have to discuss the right away. >> i can be there are 3:00. he turned to markka and andrew. he will come with his associates. he is the firm's newest partner are rising star of the litigation syria. they are perfect. do you have to do in meet back here at 3:00. leaving the tower they stood on the street and they had two hours. finally he said i am going called for i have to talk to stephanie. >> i will go back to the office. as he passed to the trading
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room beside his colleagues on the proprietary trading floor working the phone. yelling and joking and traders are diligent at their desk absorbing members. he stared at the unfamiliar landscape of their desk. he entered his office and his days so is the non the trading floor. he may antar and the morning and hang his coach on the door and take a conference call but now he just sat down and stared. are you okay? no. >> i know. is awful. what you doing? fam we're meeting with an attorney at 3:00. okay. sitting and staring at a pitcher at his kids on his desk and awards and honors he has received exhausted with anything trying to understand what had happened. $50 billion the never did
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not register. inconceivable. it would make the asset management business of the largest hedge funds and the role. none of those three even close to that size. he turned the events over and over replaying the conversation in. his phone rang and it was kathryn. should i get my hair done are not sounding as if she was a million miles away. your her? he struggled to remember they had spoken and vaguely remembered texting her. yes we are going. i think. saw him he walked out of his office without knowing he would not return until six months later accompanied by his attorneys and fbi to recover his personal effects. they arrived at 3:00 p.m. sharp. he was in his fifties and ehrlich was tall and down and the lawyers shrugs their arms out of their raincoats.
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london tried to recap the story. you familiar with bernie madoff? the boys told me an incredible story he is running a ponzi scheme at 50 billion. >> 50 million? by 50 billion. >> is the same for telling the truth? >> no one from family members to the top players in the countries could wrap their heads around the figure it would dwarf the worldcom scandal of 11 billion meaning bernie madoff had committed the biggest financial fraud in history. and next our markets manager had to talk about their relationships, their jobs and their lives. he asked repeatedly if they were involved. >> we have no idea. none whatsoever. we were completely blindsided. their raft of the story. we need to report this but i am not sure how to do that revenue partner who came on board from the sec allowed
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to bring him and. he picked up the phone. the clock was ticking and it was already 5:00. soon the sec offices would close they needed to get somebody on the phone but it had to be the right person. he turned to injure and mark. are you comfortable doing this? there was a clear sense he was in charge and knew the right thing to do and not to give them any other option. yes. to it. they looked at his brother. we're doing the right thing. mark nodded. reflecting on that moment of above to say we were waving a flag of justice in the year but the bottom line is we were absolutely terrified. we knew what we redoing would send our father to jail and a feeling was absolutely awful. give me a minute. he walked out of the living room into the bedroom ceiling his knees crumble. sinking into the ground holding on to radiator k. let out assad that tore through the chest and
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federal sound so a man he was not even sure they had come from him. he clenched his stomach try not to bomb it. he wiped away his two years and stood up. he cleared his throat and return to the living room and sat down. he said kathryn a test to -- text for career definitely not going. makes the call. with instructions to share nothing with their wives they left the hotel without exchanging were they got into separate cabs in through headed uptown to the apartment he moved into two days later he laid down on top of the bet and was still wearing his over co and shoes and for the next four hours he laid there completely numb while this the ran across his brain. i just turned in my father and he will go to jail. my entire family is invested with him.
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friends, family, employees, who knows how many others? i just turned my father's and for securities fraud. he will go to jail. yay wracked his brain he could see this coming. how could he missed the so big? other than the image of his father brought him in jail because he had turned to a man. he had no idea how much time had passed when catherine came into the room. in and is said lawmen he could not allow her to be socgen. her last moment of not knowing if he could not it bear the thought ever leaving but could not ask your tuesday. he turned on the light and said you need to decide if you want to stay with me. when day crawled under the covers of my catherine said something listen, i am not
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going anywhere. wake me it if you need me i will be here all night. she wrapped her arms around them. in that moment those words saved his life. he has said the same words back to her every night since. weeks after bernie and ruth celebrated their 49th year of marriage they went to the christmas party. beyond smiling jiggy glass of wine and left the evening was lost forever and she had no interest to get back. the only image she can erase his image of% fleeing from her home he called for every day from college to give her three beautiful grandchildren and one of the way. the image of his back is burned into her brain. she never saw him again. that is it. [applause] i am happy to take questions
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if anybody has questions about absolutely anything. >> he has anybody given your book to bernie madoff? >> of course, he is serving 150 years in prison. and joe has vowed never to speak to his father again and bruce changed and the reason the we have no knowledge but we would assume that he has or will read it because he has been very involved about anything that is coming out about him and he comments on it. we will see. >> i am pursuing an interview with him actually. >> can you tell us any
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interesting things that have happened as you promote the book? >> that is a great question. basically it has been a very interesting experience since the book came out. i was not sure, this is not an authorized biography i would not put my name on the book if i did not believe entirely and its contents but it is sympathetic to the relatives of bernie madoff and given to the extent of the lives that were destroyed, so much anger, a betrayal, hatred, sadness, so much wrapped around the story that a lot of people have been able to separate his family from himself and i thought there would be a lot of outcry. there has been on the internet. i personally have not been accosted or anything like that. interestingly people have
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had their minds changed. denied the former book came out "60 minutes" did a piece of the book and on antar and ruth madoff and a lot of people had their minds changed as a result of that and antar and catherine new and they have gotten hundreds of letters saying that happen to meet also on a smaller scale. they have had literally from the general public at large and the media there has been no support leading up to this because people assume they were involved as i had until i spent time with them >> when you were approached to write the book what was your initial reaction and? >> was approached by have been much more organically the fiancee of andrew was at
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my reading and wanted to spend time with me the first couple of tenders i actually had the first thanksgiving after the scandal. i am a strange from my father for similar reasons i was curious what it would be like. it was very interesting new friends they have made since the scandal. mark was not there there's a huge rift a at between the brothers but i had no idea about that. after two years they were finally ready to tell their story and allowed there was supplements, muzzled by lawyers then it was obvious i would be the person who would sit down with them but you've been two years into a tie was not about convinced of andrew and not until i
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sat down with him and gave such a detailed explanation the way the business is are separate and they are completely investigated by the government, filed every thing was taken apart and never indicted. those who are in jail are awaiting trial had every reason to turn it in the brothers' if they could to give a reduction of sentence and could not do that. many factors that convinced me in addition to the psychological component. >> i may be confused but is there a book coming out to that will be written by the fiancee? >> no. she participated extensively in this book. kathryn, the person who'd showed up at my reading was
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instrumental to give me access to the family. the family was completely quiet, not speaking to any press. was the first person they spoke to in that was the result of my interactions with katharine. >> i am curious did it change how you thought about your own father? i read your other book. i just wonder of the tie between the two. >> i have not spoken to my father he has not spoken to me since 2003 when i first rhodopes for "esquire" about what i found out about my father that i wrote
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anonymously. of course, it is a process going to be a strange man and a trail with the parent i had all these feelings about my mother and father was interesting for me was to watch them to see how much danger and jurats against his father and his mother which is starting to fade through time and talk gain was fair hearing when she went through because the injury in his brother left after the confession and did not speak to their parents again until mark kill themselves if they had no contact over two years. to watch them do that was my own story into perspective and while i am angered because i would speak to my father if you wanted to speak to me, i feel it is a process i am seven years
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into it and antar is at the beginning so i could talk to him about my experience but you just have to go through it and it takes time. >> anybody have any other questions? thank you very much for having me a. [applause]
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>> good evening but it is my pleasure to welcome you tonight on behalf of trustees and our staff and members and ever ready associate with the museum we're delighted you are here. want to thank our good friends that until has sponsored the entire revolutionary series. season one as a college now and they have provided support for the speaker series and in connection with revolutionaries, i am delighted to announce tonight a partnership with a computer history museum and kqed has a 13 part series that will be on public television in the will be the best of their series featuring people you will have seen and heard personally here at the
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museum are on the you to channel or on kqed fm and c-span are both here tonight. this is the line of starting january 16th boeing 13 weeks. gene works chairmen paul allen, james miley, david hartley and the author of black hawk down talking about his new book and venture capital legend bill
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draper bid to leading experts of the world talking with timbales and it is quite a lineup we feel very privileged to have had every single one of these people on our stage in the last 12 months the rear looking forward to kicking off season to in january. keep an eye on your mailbox and museum newsletter real talk more to come. now on to our program. january 15, 2008 steve jobs was on stage and san francisco making a legendary presentation. but amazon kindle comes up and he said this will go nowhere being uncharacteristically blunt. [laughter] because americans have stopped reading.
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it does not matter how good or how bad the product but people to read any more 40% of the people in the united states read one book or less last year the whole concept is flawed. it is true there on the reading one book this year we know which book it is. [laughter] [applause] despite the late arrival shortly after his tragic death it went immediately to number one on the amazon. and in many parts of the world walter isaacson has been at this for a while. that only ed distinguish journalist stifel and now the president and ceo of the aspen institute it will mark the 20th anniversary of his first major biography of
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henry a. kissinger that adds albert einstein and now steve jobs we talked a few days ago about opening this evening was something special featuring items from our land our collection and he will introduce them. they are neatly dressed in their black comex. [laughter] they have sneakers on. we have 3,000 items in our collection from apple one of the largest collections of its kind. after he died when we were looking through the collection we discovered something amazing. it was a videotape made in 1980 of a 25 year-old steve jobs making a 22 minute presentation at stanford on the roots of apple in his vision for the company. we have digitize that to put
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it on our website at computer history.org gingrey will play about two minutes of it tonight and i hope you'll be as amazed as we were when you see it. [inaudible] retook some parts so we built it we got it working. everybody wanted line. we have a lot of friends at work. [inaudible] [laughter] telling our friends to build
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computers. we got the 81 day to send up the circuit board to cut out the assembly we could get 1300 bucks together to pay this person to do the layout. and it is the circuit word twice what it costs to build that. [inaudible] that is what we did. the owner of the bike shops and you would like to pay 50 so i saw dollar signs in front of my eyes. we spend the next five days
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what the four distributors. [inaudible] we built the computers and resold 50 of them for cash and 29 days and that is how we got started. [applause] ladies and gentlemen, please welcome may in joining walter isaacson. [applause] >> how great it is to be here. what a wonderful place. can i give a shout out to steve? [applause] all history is here.
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totally intimidating me because i will keep looking over they will be nine dain collor shaking their head. [laughter] >> this is the silicon valley crowd. they will not be that polite. [laughter] >>host: we're so happy to have you here. let me ask you about your very, very first meeting with steve jobs. 1984. you describe yourself as the editor he comes to near to demonstrate the macintosh. >> you can see both sides of steve. absolutely passionate side because there he is with the original mac it is sitting there almost looked like it is smiling at you he shows you how thin that strip is it is not the third -- neanderthal and you can tell he is passionate about every pixel he is also curious that "time" magazine that we're not nearly as
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good as "newsweek" somebody had written a horrible story had written about him and i saw the petulant cited that is when i first 32 realize that the impatient a patulous of that you saw with steve jobs was connected to the passion and perfectionism. >>host: you read teeing incredible people during your career. was something special about that encounter? was there an impression at that moment? >> i was mesmerized. you saw him. he is telling you these stories. he was mad because he was not a man of the year and 1982. [laughter] i have been 88 on the wrong side of that big dean paul volcker none of you remember him. [laughter] it was machine of the year. you can tell the first 10
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you meet steve jobs that there is something compelling about him. >>host: flash for 20 years 2004. he gets in touch with us be maggie gives me a call. we talked a little while. do want to speak here he said no i want to take a walk. after while he says why don't you do a biography of me? i was just finishing albert einstein and i thought okay. franklin, einstein, as steve [laughter] but i said you are a great subject but let's wait 30 years until you retire. not until 2009 when he had his liver transplant on a medical leave that is on again he was fighting cancer and he transformed with his team, of a
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